Date 31.08.2026
NIFTY OUTLOOK: 24175.65 FII -5039.80 cr DII 5183.93 cr
(31st AUG – 4th SEPT 2026)
As we discussed in the previous report dated 24th August 26 market behaviour remained on the expected lines during the week passed by as buyers were step in take the nifty rally upto our level of 24387 i.e. made a weekly high of 24378.6 but failed to sustain as selling pressure from there drift down the nifty upto 24076.85 and give weekly closing of 24175.65.
Further, a bearish hammer candle followed by a small bearish candle on the Nifty weekly chart suggests that bears are successfully preventing any further upside movement, resulting in a lack of follow-through buying. Consequently, this continuing southward journey for Nifty may find immediate support around 24048 to 23921. If the index fails to defend these support levels, it will likely slide further toward 23793 to 23667.
Furthermore, this candle has defended the previous low and respects the upward-sloping trend line formed by the higher-low pattern. This suggests that bulls have managed to restrict further downside, keeping hopes alive for a potential recovery. Consequently, if Nifty successfully takes out 24305, it may rally further toward 24430 to 24557. If demand accentuates further, the index has a strong chance to test the 24687 level.
Bank Nifty OUTLOOK:
SPOT: 57496.30 Pcr: 1.11 Max Ce OI on 57500 & Max Pe OI on 57500
On August 28, 2026, a Bank Nifty index was closed at 57496.30 (-13.65) (-0.02%). The total movement in the index was 332.4 during the trading session. The index made a high of 57596.40 and a low of 57264.00.
Technical view:
Important support and resistance level of Bank Nifty Future are 57544 and 58500 respectively.
Intra Day support and resistance level of Bank Nifty Future are 57775 and 57950 respectively.
The Relative Strength Index (RSI) for the Nifty Bank index at 49.8. Below 30 is considered oversold and above 70 overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 4 out of 8 SMA’s (30, 100, 150, 200 Day).
Bank nifty is trading below 4 out of 8 SMA’s. (5, 10, 20, 50 Day).
No active Candlestick Pattern was identified in bank nifty on daily chart.
Important Pivot Point Levels for Today
Nifty (Spot)
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 23994.12 | 24035.48 | 24105.57 | 24146.93 | 24217.02 | 24258.38 | 24328.47 |
Bank Nifty (Spot)
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 56975.67 | 57119.83 | 57308.07 | 57452.23 | 57640.47 | 57784.63 | 57972.87 |
By Ashok Bhandari (RA)
SEBI Regd. No. INH00019549
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